SteamhouseIPO Review — Financials, Valuation & Peers
A data-only look at the Steamhouse IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings |
|---|---|---|---|---|---|---|
| FY 2024 | 293.16 | 27.19 | 68.41 | 102.71 | 422.31 | 202.71 |
| FY 2025 | 398.53 | 31.16 | 69.32 | 131 | 543.67 | 222.95 |
| FY 2026 | 494.97 | 38.64 | 83.49 | 163.76 | 679.45 | 281.62 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 23.6%
- RoE
- 22.36%
- RoCE
- 16.06%
- Debt / Equity
- 1.57
- EBITDA Margin
- 16.99%
- PAT Margin
- 7.81%
- NAV / share
- ₹7.25
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Steamhouse | 1.71 | 7.25 | — | — | — |
| Ellenbarrie Industrial Gases Limited | 7.54 | 69.33 | 42.74x | — | 4.67x |
| Linde India Limited | 64.37 | 500.27 | 99.17x | — | 12.77x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust</p>
- Holding (pre-issue)
- 96.59%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Steamhouse operates at an EBITDA margin of 16.99% and a net (PAT) margin of 7.81% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 16.06% and a return on equity (RoE) of 22.36%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment or prepayment of all or a portion of certain outstanding borrowings availed by company (₹180 crore), alongside funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at dahej sez (₹38.17 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Steamhouse reported revenue of ₹494.97 crore and a net profit of ₹38.64 crore. Revenue grew from ₹293.16 crore in FY2024 to ₹494.97 crore in FY2026 (+69.0%). Net worth stood at ₹163.76 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Ellenbarrie Industrial Gases Limited and Linde India Limited, with a median peer P/E of about 71×.
Promoters
The promoters of the company are <p>Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust</p>. Promoter holding is 96.59% before the issue.
Frequently asked questions
- Who are the promoters of Steamhouse and what is their holding?
- The promoters are <p>Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust</p>. Promoter holding is 96.59% before the issue.
- What are the objects of the Steamhouse IPO?
- The net proceeds go primarily toward repayment or prepayment of all or a portion of certain outstanding borrowings availed by company, among 5 disclosed objects.